Security analysts at Cybertrace have issued a warning about a highly sophisticated deep fake video circulating online, featuring prominent Australian business magnate Andrew “Twiggy” Forrest endorsing a deceptive cryptocurrency trading platform.
The misleading video, found on Facebook, lures users into joining a dubious platform named “Quantum AI,” promising significant daily profits for regular users. Cybertrace has flagged Quantum AI as a term commonly associated with scams and financial fraud.
Dan Halpin, CEO of Cybertrace, expressed apprehension to The Australian, highlighting the deep fake’s convincing quality, attributed to its extensive length and repetitive sales pitch, which could easily deceive unsuspecting individuals. The falsified video alters Forrest’s appearance and mannerisms from a Rhodes Trust event in October, depicting him endorsing a fraudulent cryptocurrency trading software.
Cybertrace Investigators have identified a #deepfake video of Australian businessman Andrew Forrest. The original video was posted to the @rhodes_trust YouTube Channel. #ScamAlert #scam https://t.co/4uLSD7cXWg@FortescueFuture @FortescueNews
— Cybertrace (@Cybertrace_com) January 31, 2024
In the altered video, an AI-generated version of Forrest is seen offering potential investors a supposed “golden opportunity” to participate in what is touted as the world’s most sophisticated stock and cryptocurrency trading software. This software allegedly ensures daily profits ranging from $700 to $2,200 for over nine months, regardless of market conditions.
Forrest, renowned as one of Australia’s most successful entrepreneurs with an estimated net worth of $29.4 billion, is depicted in the fraudulent video urging viewers to seize this purported chance before it disappears.
This recent incident highlights a wider issue of increasing digital fraud in Australia. In 2022, Australians suffered losses of over $3 billion to cryptocurrency scams, underscoring the growing sophistication and impact of such schemes.
In September 2023, The Australian Securities and Investments Commission (ASIC) announced a new four-year strategy to bolster its efforts against digital scams, including those involving cryptocurrencies, reflecting a nationwide concern over the proliferation of fraudulent activities.
Similar deceptive strategies were observed in fake YouTube streams impersonating Elon Musk, resulting in a $165,000 cryptocurrency scam. This illustrates scammers’ reliance on deep fake technology and social engineering to exploit unsuspecting victims.
Moreover, during a November 16 hearing, U.S. Senator Elizabeth Warren raised awareness about the risks associated with cryptocurrency scams, particularly targeting senior investors, highlighting the global challenge of addressing these digital threats.